AUSTIN, TX (AP) - New developments surface just one day before Texas Tech and University of Texas regents are scheduled to meet to decide their respective schools futures. We have just learned that Texas has turned down the invitation to join the Pac-10.
Shortly after Pac-10 commissioner Larry Scott confirmed to The Associated Press in an e-mail that the University of Texas had declined an invitation to join his conference, the Longhorns put out a statement saying they would "continue competing in the Big 12."
University president William Powers Jr. wouldn't give any details about why the school decided to stay put when asked by the AP. Texas has scheduled a news conference for Tuesday morning.
The Associated Press also reports that Texas A&M will remain in the conference, as will Oklahoma and Oklahoma State. OSU's president says he wanted to keep the conference together all along and Oklahoma leadership says they'll work hard to make the conference lasting and dynamic.
According to reports from orangebloods.com Monday, UT is meeting with the remaining nine schools in the Big 12 Monday to discuss a television deal included in Commissioner Dan Bebee's plan to keep the conference intact as ten teams. The deal, if all parties involved can agree, could pay in the upwards of $25 million per year.
Texas, along with Texas A&M and Oklahoma, would earn at least $20 million annually from the deal, with the Longhorns gaining an extra $3 to $5 million off of their own TV network. The remaining schools, including Tech, would receive anywhere from $14 to 17 million a year, which would double what they currently are receiving.
So why the difference in money distribution? The Big 12 has unequal revenue sharing, meaning more money for the big money makers and it all trickles down the ladder.
In the wake of the conference conundrum, the Texas legislature is also weighing in, saying it would not be wise for any of the schools to make a decision before Wednesday when the House Higher Education Committee meets. We will keep you posted on any new reports in this ongoing process.
As for the regents meetings scheduled for the next two days, Texas has cancelled theirs and scheduled a 10 a.m. press conference regarding the decision to stay. Both Oklahoma and Oklahoma State have cancelled their meetings as well. Following Texas' meeting, Big 12 Commissioner Dan Bebee will hold a teleconference to discuss the future of the league.
Texas Tech is still scheduled to hold their meeting Tuesday at 2 p.m. and we will stream that live on kcbd.com.
Copyright 2010 KCBD. All rights reserved. The Associated Press contributed to this report.